Macmillan leaving Flatiron Building for Silverstein’s 120 Broadway

The publisher plans to move out of its current digs in 2019

New York /
Jul.July 31, 2017 05:58 PM

UPDATED, 8:56 a.m., August 1: Macmillan Publishers is officially leaving the Flatiron Building, having signed up for 261,000 square feet at Silverstein Properties’ 120 Broadway.

The space will span five full floors, the New York Post reported. In April, sources told The Real Deal the publisher was weighing a move to the Lower Manhattan building, but the size of the space was not clear.

Asking rents at 120 Broadway are in the mid-$50s per square foot, according to the newspaper.

Macmillan is the Flatiron Building’s sole tenant. The property has not been totally empty since it was built more than a century ago. Sorgente Group of America, which owns a majority stake, may rent it out to new tenants or potentially go through with a plan to turn it into a hotel.

The move is yet more proof of how popular Lower Manhattan has become with with media companies. Last year, Penguin Random House signed a lease extension running through to the year 2033 at SL Green Realty and Ivanhoe Cambridge’s 1745 Broadway. It also announced its plans to move employees from its Soho offices at 375 and 345 Hudson Street to the Midtown headquarters. Earlier this month, Spotify  extended its lease another 100,000 square feet at Silverstein’s 4 World Trade Center. In 2015, advertising firm GroupM added 170,000 square feet to its 520,000 square feet at 3 World Trade Center.

Built in 1915, the building at 120 Broadway spans 1.8 million square feet. Colliers International’s Leon Manoff represented Macmillan in the deal. Silverstein was represented in-house by a team led by Roger Silverstein.

[NYP]Miriam Hall

Correction: A previous version of the story had the incorrect address in the headline. It is 120 Broadway, not 120 Park


Related Articles

arrow_forward_ios
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
The mall was already beset by 18 years of starts and stops (Getty)

Can the American Dream mall survive the pandemic?

Can the American Dream mall survive the pandemic?
Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

Retail foot traffic tanks on Black Friday

Retail foot traffic tanks on Black Friday
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...